they're integrated in our economy, and they're driving commodity prices and a lot of things in global demand. if they have a slowdown, it's gradual, no big deal. but if there's a collapse in china, it would hit us very, very hard. it would be an incredible shock, because nobody's expecting it. those are the shocks that really, really hurt. >> give me some other examples. i'm sorry, peter -- >> go ahead. >> let's go to you first. >> give us other examples as far as joe was asking. >> no, i was wondering, you said that this time it's different. this time it's different. what are some other examples of where the world said, as with china, this time it's different? >> latin america in the 1960s, it was booming, they had technocrats, it was great. in the 1920s, world war i ended, it would never happen again, everything would be great. and we had the great depression, and carmen ryeinhart go back years and show it.